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Lakeland Financial Corporation reports developments for Lake City Bank, its single bank subsidiary serving Central and Northern Indiana. Recurring news includes quarterly and annual earnings, net interest income, loan growth, deposit trends, margin performance, capital levels, dividends and other common-stock actions tied to the company’s community banking model.
Company updates also cover Lake City Bank’s commercial and consumer banking services, trust and wealth management, treasury management, branch expansion, digital banking capabilities and technology investments. News may include customer-facing partnerships such as SpendSave, community banking initiatives, and leadership or industry association matters involving the bank’s role in Indiana financial services.
Lake City Bank has promoted Carrie A. Gutman to Chief Wealth Advisory Officer, succeeding Jonathan P. Steiner who will retire on December 6, 2024. Gutman, who joined the bank's Management Committee, brings extensive experience in trust administration and civil law. She previously practiced at Hawk Haynie Kammeyer & Smith for 20 years before starting her banking career in 2016. Steiner, who is retiring after a 40-year banking career including 14 years at Lake City Bank, has led significant growth in the Wealth Advisory Group since 2010. Lake City Bank, a $6.6 billion institution headquartered in Warsaw, Indiana, operates 54 branch offices serving Central and Northern Indiana.
Lakeland Financial reported Q3 2024 net income of $23.3 million, down 8% from $25.3 million in Q3 2023. Diluted EPS decreased 7% to $0.91. The company showed organic growth with average loans up 4% to $5.06 billion and core deposits increasing 5% to $5.74 billion. The net interest margin was 3.16%, slightly down from 3.21% year-over-year. Total capital ratio improved to 15.75%, and tangible book value per share grew 25% to $27.07. Commercial loan originations reached $316 million in Q3, with line of credit usage at 41%. The company maintained strong liquidity with access to $3.7 billion in resources.
Lake City Bank (Nasdaq: LKFN) has acquired a 35,600 square foot office building in Warsaw, Indiana, expanding its downtown campus. The building, purchased on August 30, 2024, will be renovated and renamed the Lake City Bank Innovation and Technology Center. This acquisition marks the 6th building in the bank's Downtown Warsaw campus, reinforcing its commitment to its hometown.
The new center will house the bank's Technology Services, Information Security, Application Management, and Project Management teams, supporting Lake City Bank's growth and technology-driven solutions. Since 2010, the bank has invested approximately $30 million in Warsaw facilities and Kosciusko County offices. The renovation will include modern amenities such as a coffee meeting location, a walk-up ITM, and advanced conference calling capabilities.
Lakeland Financial (Nasdaq: LKFN), parent company of Lake City Bank, reported a net income of $22.5 million for Q2 2024, a 54% increase from $14.6 million in Q2 2023. Diluted EPS rose to $0.87, up 53% from $0.57 last year. However, net income fell by 4% from Q1 2024. Key metrics include a 5% loan growth to $5.03 billion and a 5% rise in core deposits to $5.60 billion. The net interest margin slightly decreased to 3.17% from 3.28% in Q2 2023. The company experienced a significant increase in nonperforming loans to $57.2 million. Pretax pre-provision earnings increased by 105% year-over-year to $35.4 million. Noninterest income surged 78% to $20.4 million, driven by a $9.0 million gain on Visa shares. The capital ratio improved to 15.54%. Lakeland Financial also opened its 54th branch in Indianapolis and reported a 10% growth in tangible book value per share to $25.34.
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